MyComplianceOffice Blog

When it comes to implementing the new Senior Managers and Certification Regime (SMCR), there are key lessons solo-regulated companies can learn from banks and insurers who’ve already done so. That’s according to Lorraine Mouat, associate director at TCC, who highlighted the top five mistakes companies might make in implementing SMCR in a recent Financial Times Adviser  article.  

Unlike many jobs, there typically isn’t a straight career path toward becoming a compliance officer. In fact, nearly 90 percent of the 290 respondents to Compliance Week’s first annual “Inside the Mind of the CCO” survey started their careers in a different field.  

The Reserve Bank of New Zealand (RBNZ) and Financial Markets Authority (FMA) recently released their findings on life insurers’ responses to the joint Conduct and Culture Review. The regulators were disappointed by the information provided.  Both the RBNZ and FMA say the insurers have much work to do in order to address weak governance practices and ineffective conduct risk management.  

Most people believe if a conflict of interest (COI) arose, they could be fair and objective in responding to it. Research done on the topic shows otherwise, though, especially in the workplace. And even if an employee at a company believes they acted appropriately, it is likely in any given decision their judgment was influenced by a personal interest. 

MCO announced today that Kelly-Ann McHugh has joined the company as the Director of its Asia-Pacific (APAC) business. McHugh will lead the continued growth and development of MCO’s existing APAC operations and its expanding customer support team in Singapore.